PepsiCo knows where the growth is. Overseas. Especially in Asia. On June 24, PepsiCo (PEP) announced that it would buy 20% of Japan’s largest snack maker, Calbee Foods. That will give PepsiCo plenty of help figuring out how to sell Doritos into the idiosyncratic Japanese market. Right now shares of PepsiCo are cheap: They’re selling at just 13.7 times projected earnings per share. That’s a slight actual discount to the S&P 500 stocks, which are trading at 13.9 times projected earnings, and an even bigger relative discount considering that PepsiCo’s future earnings are a lot more predictable than those for the average S&P stock. As of June 30, 2009, I’m upping my target price on these shares to $62 a share by March 2010.